Xometry, Inc. (XMTR) saw its stock price plummet by 5.09% during intraday trading on Wednesday, marking a significant downward movement for the manufacturing marketplace company.

The sharp decline appears to be driven by a series of analyst price target reductions published throughout the trading session. RBC Capital lowered its target to $55 from $64 while maintaining a Sector Perform rating. Similarly, Citi reduced its price target to $65 from $75, though it kept a Buy rating on the shares. Wedbush also cut its target price to $60 from $70 while maintaining an Outperform rating.

While UBS made a slight upward adjustment to its price target, raising it to $55 from $54 with a Neutral rating, the overall sentiment from analysts reflected downward revisions, contributing to negative investor sentiment and the stock's substantial intraday drop.